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SoFi Checking and Savings Review
Our take: A full featured checking and savings pair with no account fees, a large ATM network and a cash bonus for new direct deposit customers. The savings rate is competitive only if you set up direct deposit or move $5,000 in every 31 days; otherwise savings earns 0.80% APY.
Pros
- No account, monthly, minimum balance or overdraft fees
- Direct deposit bonus of $50 to $400 through December 31, 2027
- 1.10% APY boost for up to six months for eligible new members
- 55,000+ fee free Allpoint ATMs and up to $3 million in extra FDIC coverage
Cons
- Savings earns only 0.80% APY without direct deposit or $5,000 in deposits every 31 days
- Checking earns just 0.50% APY
- The boost and bonus are temporary and have their own terms
Key facts
- APY
- 3.30% with direct deposit or $5,000 in deposits every 31 days
- Requirements
- Eligible direct deposit, or at least $5,000 in qualifying deposits every 31 days. New members can add a 1.10% APY boost for up to six months if they qualify during the promotion (through December 31, 2027).
- Rate if requirements are missed
- 0.80%
- Minimum to open
- $0
- Minimum to earn APY
- None
- Monthly fee
- No account fees
- ATM access
- 55,000+ fee free Allpoint ATMs
- Current offer
- $50 to $400 with qualifying direct deposit (through Dec 31, 2027)
- Insurance
- FDIC insured up to $250,000 per depositor, per ownership category. Up to $3 million in additional FDIC coverage through a program of participating banks
- FDIC certificate
- 26881 (SoFi Bank, N.A., Cottonwood Heights, UT)
- Who can open
- Individual consumers who open SoFi Checking and Savings
- Mobile app
- SoFi app: 4.7 on the App Store, 3.8 on Google Play (Sep 28, 2026)
- Customer service
- 24/7 by phone or chat
Source: SoFi website, checked Oct 27, 2026. Insurance details from the FDIC BankFind database.
SoFi Checking and Savings pays 3.30% APY on savings with eligible direct deposit or $5,000 in qualifying deposits every 31 days, and 0.80% without. New savings accounts opened by Dec 31, 2027 can get a 1.10% boost, to 4.40%, for up to six months with direct deposit, and new direct deposit customers can earn $50 or $400. There are no account fees. Checked on SoFi’s website on Oct 27, 2026.
Our verdict
SoFi Checking and Savings is a strong everyday banking pick with a savings rate attached. With eligible direct deposit, or at least $5,000 in qualifying deposits every 31 days, savings earns 3.30% APY. New members can add a temporary boost, and there is a cash bonus for setting up direct deposit.
Without direct deposit, though, savings earns just 0.80% APY. That gap is the main thing holding its score back. If your paycheck is not moving, an account with no requirements on our list will almost certainly pay you more.
How the rate works
| Situation | Savings APY |
|---|---|
| Eligible direct deposit, or $5,000+ in qualifying deposits every 31 days | 3.30% |
| Eligible new members during the boost (up to six months) | Up to 4.40% (3.30% plus a 1.10% boost) |
| Neither of the above | 0.80% |
Rates were as of Oct 20, 2026 and are variable. SoFi Checking earns 0.50% APY. The 1.10% boost is a promotion that runs through December 31, 2027 for new members who complete the qualifying steps, and it lasts for up to six months.
What $10,000 earns: about $330 in a year at the standard rate with direct deposit, compared with about $80 at 0.80% APY. The boost adds more for up to six months, but plan around the standard rate.
The direct deposit bonus
SoFi pays a cash bonus to new and existing members who have never set up direct deposit with SoFi. Your first eligible direct deposit must arrive by December 31, 2027. SoFi then adds up your eligible direct deposits for 25 calendar days from that first one:
- $1,000 to $4,999.99: $50
- $5,000 or more: $400
SoFi says it pays the bonus into SoFi Checking within 7 business days of meeting the requirements, and you can earn only one bonus. Bonuses are generally taxable as interest. Terms checked on SoFi’s website Oct 26, 2026. See every savings account bonus we verified.
Fees and minimums
SoFi says it does not charge account, service or maintenance fees for Checking and Savings, and there are no overdraft or minimum balance fees. There is no minimum deposit to open.
Access to your money
You get checking and savings in one app, a debit card and access to 55,000+ fee free ATMs in the Allpoint network. Direct deposit can arrive up to two days early. Savings Vaults let you split your savings into separate goals.
Is SoFi safe?
SoFi Bank, N.A. is FDIC insured under certificate 26881, which we confirmed in the FDIC BankFind database. Standard coverage is $250,000 per depositor, per ownership category, and SoFi offers up to $3 million in additional FDIC coverage by spreading deposits across participating banks.
Who it is best for
- People ready to move their paycheck and want a bonus for doing it
- Anyone who wants checking, savings and ATM access in one app
- Savers with large balances who value the extra FDIC coverage
Who should look elsewhere
- Savers who will not set up direct deposit; see Peak Bank or Western Alliance
- People chasing the highest rate with direct deposit; Axos ONE pays more if you meet its rules
How we rated it
SoFi scores 4.1 out of 5. It scores well on fees, access, safety and its App Store rating, with 24/7 phone and chat support, and loses most on how hard it is to earn its top rate. We score the standard rate rather than the temporary boost. Read the full methodology.
How SoFi compares
| Account | Rating | APY | Min to open | ATM card |
|---|---|---|---|---|
| Elevault High Yield Savings | 4.6 | 4.34% | $0 | No |
| EverBank Performance Savings Account | 4.6 | 4.20% | $0 | No |
| Happen Bank LevelUp Savings | 4.6 | 4.20% | $0 | Yes |
| Bread Savings High Yield Savings Account | 4.6 | 4.05% | $100 | No |
| Peak Bank Envision High Yield Savings | 4.5 | 4.27% | $100 | No |
| Newtek Bank Personal High Yield Savings Account | 4.5 | 4.20% | $100 | No |
| Openbank High Yield Savings Account | 4.5 | 4.00% | $500 | No |
| E*TRADE Premium Savings | 4.5 | 3.75% | $0 | No |
| Axos ONE Savings | 4.4 | 4.21% | $0 | Yes |
| Always.bank High Yield Savings Account | 4.4 | 4.10% | $0 | No |
| Barclays Tiered Savings | 4.4 | 3.50% | $0 | No |
| Capital One 360 Performance Savings | 4.4 | 3.20% | $0 | No |
| Valley Direct High Yield Savings | 4.3 | 3.30% | $1,000 | No |
| Ally Bank Savings Account | 4.3 | 3.20% | $0 | No |
| American Express High Yield Savings Account | 4.3 | 3.20% | $0 | No |
| Pibank Savings | 4.2 | 4.40% | $0 | No |
| Western Alliance Bank High Yield Savings Premier | 4.2 | 3.80% | $500 | No |
| Ivy Bank High Yield Savings Account | 4.1 | 4.00% | $2,500 | No |
| SoFi Checking and Savings | 4.1 | 3.30% | $0 | Yes |
| Alto Online Savings (BMO) | 4.0 | 3.00% | $0 | No |
SoFi savings FAQ
What is SoFi's savings rate?
SoFi says savings earns 3.30% APY with eligible direct deposit or at least $5,000 in qualifying deposits every 31 days, and 0.80% APY otherwise. Checking earns 0.50% APY. Rates were as of Oct 20, 2026 and are variable.
What is the SoFi 1.10% APY boost?
New members who qualify during the promotion, which runs through December 31, 2027, can earn an extra 1.10% APY on savings for up to six months, for up to 4.40% APY. Terms apply.
How much is the SoFi direct deposit bonus?
SoFi advertises $50 for qualifying direct deposits of $1,000 to $4,999.99 and $400 for $5,000 or more, during a promotion that runs through December 31, 2027. Terms apply.
Is SoFi FDIC insured?
Yes. SoFi Bank, N.A. is FDIC insured under certificate 26881. SoFi also offers up to $3 million in additional FDIC coverage through a program of participating banks.
Does SoFi have a minimum deposit?
SoFi does not charge minimum balance fees, and there is no minimum deposit to open Checking and Savings.
How do I get the SoFi $400 bonus?
Set up your first eligible direct deposit with SoFi by December 31, 2027, and receive $5,000 or more in eligible direct deposits within 25 calendar days of the first one. $1,000 to $4,999.99 earns $50.
What is SoFi's savings rate without direct deposit?
0.80% APY, unless you receive at least $5,000 in qualifying deposits every 31 days.
Ready to open SoFi Checking and Savings?
Rates as of Oct 20, 2026. Confirm the current rate and terms on the provider’s site before you apply.
SoFi Checking and Savings rate history
Every change we found to this account’s rates in our checks of the bank’s website, newest first, with the date the bank gives for each rate. See every bank on our rate change tracker.
| Rate as of | Account | Term | Change | Direction |
|---|---|---|---|---|
| Oct 20, 2026 | Checking and Savings | New member boost | SoFi raised its new member savings boost to 1.10% APY for up to six months (4.40% APY with the 3.30% standard rate as of Oct 20, 2026) for new members who open savings by December 31, 2027 and set up eligible direct deposit within 60 days. | New promo |